Is Legg Mason's
hunt for Chip Mason's
replacement close to an end? WSJ reporters Tom Lauricella and Diya Gullapalli don't claim to know, but that does not stop them from reporting in the Wall Street Journal Fund Track column
that the hunt is in "advanced stages." The new CEO for Legg Mason
could be chosen in early 2008, they add.
Meanwhile, insiders tell the MFWire
that Mark Fetting
, senior executive vice president of Legg Mason, is the only name that has surfaced as a possible contender for the job.
The WSJ duo also claim 2007 has been a tough year for Legg Mason; they point to its less-than-stellar fund performance, $3.9 billion in redemption (which pales in the face of Legg's $1 trillion AUM) and Moody's Investors Service's possible downgrade of the company because of its exposure to SIVs.
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